Consider first just the problem of orienting the correct faces upward. There are $6^{12}$ choices to make, of which only six are valid; doing this at random will give only a probability of $\frac{6}{6^{12}}\approx \frac{1}{360,000,000}$. Now we must arrange the twelve puzzle pieces into a $3\times 4$ grid correctly. There are $12!$ ways to do this, and only one is correct (up to rotation, which I will consider at the end). Then, after putting the twelve pieces into the correct locations, each piece must be oriented correctly, out of four possible ways. There are $4^{12}$ ways to do this, and again only one of these is correct. Putting this all together we get $$\frac{6}{6^{12}}\frac{1}{12!}\frac{1}{4^{12}}\approx 3.4\times 10^{-25}$$
However if they assemble the puzzle rotated $180^\circ$ we should count that as a solution too, so the answer really is twice that, or $6.9\times 10^{-25}$. For comparison, there are half a million times more positions of this puzzle than there are for Rubik's cube, which has a paltry $4\times 10^{-19}$ probability of a randomly chosen position being solved.